| Succession planning is very important to the | | | | as soon as the new leader takes charge. |
| long-term success of any company. Leadership | | | | Strategic Action #2: Clearly determine and |
| transitions in business affect the entire | | | | communicate the purpose, goals, and extent of |
| organization's continuity, employee retention, client | | | | the leadership succession plan or program. |
| retention and returns on investment. It is essential | | | | Strategic Action #3: Clearly define the desired and |
| to create and implement a process that creates | | | | required qualities of the new leader. The qualities |
| visibility, accountability and greater integration of all | | | | should be driven by the company's strategic plan |
| facets of the business. | | | | and its requirements. |
| The rapidly changing demographics in the | | | | Strategic Action #4: Develop a clearly focused |
| workplace, especially the aging baby boomer | | | | leadership development strategy. This will enable |
| segment, there is a real challenge to find talent | | | | potential candidates to acquire training for |
| for leadership roles. Companies that are able to | | | | additional responsibility within the company. |
| respond pro actively with strategically developed | | | | Strategic Action #5: Develop a talent |
| and implemented effective leadership succession | | | | management process that will incorporate |
| plans are in a superior position in the marketplace | | | | strategic thinking for specific development |
| and global economies. | | | | opportunities for future leaders. This may include |
| Your strategic thinking business coach offers the | | | | mentoring and some form of coaching. |
| following list of recommended strategic actions to | | | | Strategic Action #6: Identify future leadership |
| structure a leadership succession planning process. | | | | candidates by developing a system for assessing |
| Strategic Action #1: Begin the succession planning | | | | current and future leadership needs. |
| process early. A period of one to three years | | | | ?Strategic Action #7: Identify a system for |
| prior to the expected departure is optimal | | | | communicating information to ensure that the |
| dependent upon the leadership position. The most | | | | leadership succession and/or development |
| strategic approach is to start the planning process | | | | programs are in line with strategic business needs. |